[Form 4] Atara Biotherapeutics, Inc Insider Trading Activity

Rhea-AI Filing Summary

On 4 July 2025, Bon Natural Life’s subsidiary Xi’an App-Chem Bio (Tech) Co., Ltd. signed a 36-month Sales Cooperation Agreement with Beijing Huahai Keyuan Technology Co., Ltd. granting the distributor a non-exclusive right to market the company’s natural weight-loss products in China and Southeast Asia.

• Guaranteed sales: Huahai Keyuan commits to minimum aggregate purchases of US$22 million during the contract term; App-Chem must receive full payment before shipment.
• Responsibilities: App-Chem handles R&D, manufacturing and quality control; it bears testing and return costs if product quality fails agreed standards.
• Logistics: Products shipped to sites designated by Huahai Keyuan.
• Termination & penalties: Agreement may be ended by mutual consent or after a 30-day cure period for breaches. Unjustified termination triggers liquidated damages of 15 % of total contract value; partial non-performance penalty equals 10 % of the unperformed portion.
• Disputes will be adjudicated in courts where App-Chem is located.

No financial statements were included; the filing primarily discloses the contract and a related press release (Ex. 99.1).

Positive

• Minimum US$22 million sales commitment provides clearer revenue pipeline over 36 months.
• Pre-payment requirement lowers receivables and credit exposure.
• Access to China and Southeast Asia markets expands geographic reach without exclusive constraints on BON’s own direct sales.

Negative

• Agreement is non-exclusive, so distributor may market competitors’ products.
• Termination possible with 30-day cure; sales guarantee enforcement could be challenging if disputes arise.
• App-Chem bears quality-related costs, potentially hitting margins if issues occur.

Insights

Equity Research Analyst

TL;DR: US$22 M guaranteed sales over three years improves revenue visibility and regional footprint, modestly positive for BON shareholders.

The guaranteed purchase volume averages roughly US$7.3 M annually, material relative to BON’s recent scale. Pre-payment terms reduce credit risk, while liquidated-damage clauses further protect cash flows. Although non-exclusive, the contract opens the fast-growing Southeast Asian weight-management market without added marketing cost to BON. Execution risk remains—sales guarantees are only as good as enforcement—but overall the agreement should enhance top-line stability and support margin leverage from higher plant utilization.

Supply-Chain Risk Analyst

TL;DR: Contract structure shifts quality-control and logistics burdens to BON, creating moderate operational and enforcement risks.

App-Chem retains responsibility for R&D, production and remedial costs for any quality failures, potentially pressuring gross margin if defects arise. Non-exclusive status allows Huahai Keyuan to carry competing products, diluting sales momentum. The 15 % and 10 % penalty clauses incentivize compliance but cross-border dispute resolution could complicate recovery. Overall risk profile is manageable yet warrants monitoring; I view the impact as neutral to slightly positive.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Panacea Innovation Ltd

(Last) (First) (Middle)

C/O MAPLES CORPORATE SERVICES LIMITED,

UGLAND HOUSE

(Street)

GRAND CAYMAN E9 KY1-1104

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Atara Biotherapeutics, Inc. [ ATRA ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
07/17/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	07/17/2025		P		19,335	A	$9.6391	1,350,000	I	See Footnotes(1)(2)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person^*

Panacea Innovation Ltd

(Last) (First) (Middle)

C/O MAPLES CORPORATE SERVICES LIMITED,

UGLAND HOUSE

(Street)

GRAND CAYMAN E9 KY1-1104

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Huang James

(Last) (First) (Middle)

C/O MAPLES CORPORATE SERVICES LIMITED,

UGLAND HOUSE

(Street)

GRAND CAYMAN E9 KY1-1104

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

X	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

Explanation of Responses:

1. Represents securities held by Panacea Venture Healthcare Fund II, L.P.

2. James Huang is the sole owner of Panacea Innovation Limited, which is the sole owner of Panacea Venture Healthcare Fund II GP Company, Ltd. ("Fund II GP") and Panacea Opportunity Fund I GP Company, Ltd. ("Opportunity Fund GP"), which are the general partners of Panacea Venture Healthcare Fund II, L.P. and Panacea Opportunity Fund I, L.P. As a result, each of the Reporting Persons may be deemed to share beneficial ownership of the securities held of record by Panacea Venture Healthcare Fund II, L.P. and Panacea Opportunity Fund I, L.P., but each disclaims such beneficial ownership.

	Panacea Innovation Limited By: /s/ James Huang, Founding Managing Partner	07/21/2025
	/s/ James Huang	07/21/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What is the value of Bon Natural Life's new contract?

Huahai Keyuan must purchase at least US$22 million of natural weight-loss products over 36 months.

How long does the Sales Cooperation Agreement last?

The agreement runs for three years from 4 July 2025.

Which markets are covered under the deal for BON?

The distributor may sell BON’s products across China and Southeast Asia.

Does Bon Natural Life receive payment upfront?

Yes. App-Chem must receive full payment before dispatch of any products.

What penalties apply if the agreement is breached?

Unjustified termination incurs 15 % of total contract; partial non-performance triggers a 10 % penalty on the unperformed portion.